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Letter from Paul Georgy, GIB Representative to NFA Boards of Directors

NIBA Briefings

April 25, 2013

2 min read

Letter from Paul Georgy, GIB Representative to NFA Boards of Directors

Dear NIBA Members, It is not my intention to be the bearer of bad news, but managing an IB in 2013 will have even more challenges. The impact of Dodd-Frank is trickling down. It will impact us as the CFTC continues to develop new rules, and the NFA must assure they are implemented. A few rules we should all be aware of that will affect how we do business includes the “taping rule” which takes effect on December 21, 2013. This change will impact larger IBs which generate more than $5 million in revenue over 3 years. Another change which affects all of us is the amount of time in which margins calls have to be met before the FCM will receive a capital charge. The old fashion way of sending checks via US Mail may not be quick enough to meet FCM requirements. It may be beneficial to prepare...

April NIBA Meeting in NYC Canceled

Please Note: The April 24, 2013 meeting in New York City has been canceled. Alternate dates and times for NIBA meetings will be posted shortly. Please also check the NIBA Newsletter frequently for meetings, conferences and other updates.

CFTC Filing

On Friday February 15th, the NIBA filed the following comment letter with the CFTC. It discusses a Commission proposal which, if approved, would likely affect customer margin requirements. Hedging customers would feel the result, and an IB's ability to transfer positions between brokerage houses would be severely hindered. Read the full comment letter to the CFTC filed by the NIBA John Lothian News has put together a special report on this critical issue, to view this video click here. The Opinions expressed are the opinions of the author. The opinions, the trading styles, trading information and trading programs are not endorsed by the NIBA, but are the individual opinions, styles, information and programs of the author.

NIBA Membership Message

Fellow brokers, “Activity begets activity”. This is a favorite phrase of mine that can be heard frequently in our office. It’s a very simple idea; it’s hardly original but very true: If you want something to happen - then start doing something. Membership in the NIBA is doing that ‘something’ that will beget growth in your business in very real, very tangible ways. Of course everyone in the IB community - member or not - benefits from the legislative, lobbying, and representational activities that the organization conducts on behalf its members. However, joining and becoming an active member in the NIBA is necessary to partake of the many benefits available in addition to these activities. One of the most important of these benefits in my opinion is the opportunity to utilize your membership in the organization as vehicle or ‘portal’ to build relationships and connections with other professionals in the...

NIBA Winter Conference in Southern California Re-Cap

NIBA Winter Conference in Southern California January 24, 2013 I recently had the pleasure of attending the “Winter” NIBA conference in Southern California. I genuinely struggled to type the word “winter” in the title, as the weather greeting participants was a balmy 70 degrees. I’m sure that there was a tussle back in Chicago as to who was going to represent the CME and NFA for this event! Complementing the SoCal weather was the choice of venue, Flemings Prime Steakhouse and Wine Bar. Anyone that knows the brand knows the restaurant’s service is first rate, coupled with great food and wine. We have the CME to thank for that! (NIBA Members attending the SoCal Winter Conference) More impressive than the venue was the subject matter covered. Opening remarks came from NIBA President, John Jensen. He brought up a great point that NIBA’s role for the IB community is not just...

2011 NIBA New York Conference Agenda and Registration Now Online

Venue: Exchange Building, 1 No. End Avenue, NYC (formerly the NYMEX building) Time: Registration Opens at 1:00PM, Sessions begin at 1:30pm, Networking/Cocktails: 4:30pm 2011 NIBA New York Conference agenda and registration for IBs, CTAs, APs and futures industry professionals is now online at: https://www.theniba.com/conference/conference.aspx Building on the success of the sold-out 2010 NIBA Chicago Conference, we anticipate another sell-out event at the 2011 NIBA New York Conference. Attendees took away a wealth of information on compliance, operations, sales and marketing, and market information. This year's NIBA New York Conference preceeds the 2011 CTA EXPO New York event--the premiere event for CTAs, money raisers, and industry professionals. Agenda Rules, Regulations & Your Revenue - An Update | Panel Discussion Moderator: Steve Pherson, Partner at Schuyler, Roche, & Crisham P.C. Panelists: Bart Mallon, Bart Mallon, PC | Mark Ruddy, Ruddy Law Firm | NFA Got Leads? Candyce Edelsen, President of Propel Growth...

Secret to Success: Integrity - NIBA Chairman's Letter June 2010

Integrity: (i) Consistency of actions, values, methods, measures, principles, expectations and outcomes; (ii) The quality of having an intuitive sense of honesty and truthfulness… Source: Wikipedia, 2010 At the recent NIBA and CTA EXPO events in New York, I met successful IBs and CTAs from all over the country. I sat in on at least a dozen panel discussions and expert presentations. And I re-connected with scores of old friends, many of whom I see regularly at NIBA meetings. When I returned home to Chicago and had a chance to think about all those conversations, it struck me that each one of the people I talked to or heard from in a session was unique, enthusiastic and successful. I started to wonder if there could be one characteristic, one trait these people had in common. Was there one thing each of them possessed or was doing that that led to...

Times Like These Try a Broker's Soul: NIBA President's Message June 2010

The month of May was a treacherous one; continuing concerns over sovereign debt, the stability of the Euro, North Korean saber rattling, and the sustainability of the economic recovery - not to mention the frightening "Flash Crash" of May 6th caused a very volatile market environment. For half the month I was on vacation in Europe. While on this “vacation”, I found myself monitoring the markets nearly 7/24 on my Blackberry and running up a $1,800 cell phone bill. Such is the life of a broker in the 21st century! It is times like these that try a broker’s soul. Risk, drawdowns, and of course, client relations and retention are a natural part of every broker's job. These elements and a month such as we just experienced are also a test of fire, a test from which many brokers never recover. It is the management of these factors that determines...

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